Exercise One Thorpe Construction, Inc. reported the following financial information at January 1, 2022, the beginning of its fiscal year: Assets $85,500 Liabilities 20,000 During 2022, assets decreased by $6,000 and liabilities decreased by $2,000. Instructions 1. Calculate Thorpe's total stockholders' equity on January 1, 2022. 2. Calculate Thorpe's retained earnings on January 1, 2022. You can assume the only other equity account Thorpe reports on January 1, 2022 is $5,000 in common stock. 3. Calculate Thorpe's total stockholders' equity on December 31, 2022.